B2 Gold (NYSE: BTG) (TSX: BTO) updated 11-17-2020
Market Cap: $6.85 B (USD) Share Price: $5.68 (USD)
Shares outstanding: 1,040,661,000
Cash: $365.46 M as of 30 Sept 2020
Long-Term Debt: $25.84 M as of 30 Sept 2020
Current operations: Yes. Producing mines in Mali (Fekola), Namibia (Otjikoto), and The Philippines (Masbate) and a Colombia development project (Gramalote)
Insider holdings: Low. Institutional: 328 holders representing 78%
CEO: Clive T. Johnson. HQs: Vancouver, BC, Canada.
2020 estimated Gold production of 1.000-1.055 million oz at about $800/oz All-In Sustaining Cost
Liabilities include $225 million in deferred income taxes and $88.48 million in mine restoration costs, in addition to the stated (above) $25.84 million long-term debt. However, the company is now a huge cash generator with 2020 projected cash flows of over $900 million from operating activities.
- Total Production of 268,813 oz. gold. Includes 15,080 oz. attributed to Calibre Mining.
- AISC (stated) $766 per oz. sold.
- GAAP earnings $0.25, Non-GAAP $0.15 per share on revenue of $487.16 million.
- Sold 253,200 gold oz. at an average realized price of $1924 per oz.
- Record cash flow from operations of $310 million.
- Repaid the outstanding Revolver balance; full $600 million is available.
- The huge Fekola mine in Mali (representing ~60% of total production) continues operations unimpeded by political unrest.
- Some jurisdictional risk (Mali), but the recent military coup seems to have not affected the operations
- The company has had a meteoric rise, going from zero production in 2007 to over 1,000,000 oz. this year
- Will it continue to grow or turn into a ‘dividend’ stock is a good question
- I have been a Clive Johnson fan for almost 40 years, and so B2 Gold is my largest Goldminer holding with a current portfolio weighting of +8.49%
- Price is presently quite attractive with a 28-30% potential upside within 3 to 4 months